IHOP 2012 Annual Report Download - page 85

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DineEquity, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
2012 2011 2010
Cash flows from operating activities
Net income (loss) ........................................................................................ $ 127,674 $ 75,192 $ (2,788)
Adjustments to reconcile net income (loss) to cash flows provided by
operating activities:
Depreciation and amortization ............................................................... 39,538 50,220 61,427
Non-cash interest expense...................................................................... 5,985 6,160 34,379
Loss on extinguishment of debt and temporary equity .......................... 5,554 11,159 107,003
Impairment and closure charges............................................................. 3,931 8,448 3,482
Deferred income taxes............................................................................ (22,832) 11,835 (15,484)
Non-cash stock-based compensation expense........................................ 11,442 9,492 13,085
Tax benefit from stock-based compensation.......................................... 6,814 6,494 2,692
Excess tax benefit from stock options exercised.................................... (5,669) (5,443) (4,775)
Gain on disposition of assets.................................................................. (102,597) (43,253) (13,574)
Other....................................................................................................... (8,991) (1,765) 5,431
Changes in operating assets and liabilities:
Receivables........................................................................................ (11,629) (16,722) 3,736
Current income tax receivables and payables ................................... 1,272 20,479 (27,703)
Other current assets ........................................................................... (9,119) (5,354) (9,411)
Accounts payable............................................................................... 1,778 (3,533) 27
Accrued employee compensation and benefits ................................. (3,756) (6,656) (5,000)
Gift card liability ............................................................................... 14,735 21,983 19,507
Other accrued expenses..................................................................... (1,251) (17,050) 7,248
Cash flows provided by operating activities................................. 52,879 121,686 179,282
Cash flows from investing activities
Additions to property and equipment..................................................... (16,952) (26,332) (18,677)
Proceeds from sale of property and equipment and assets held for sale 168,881 115,642 51,642
Principal receipts from notes, equipment contracts and other long-
term receivables...................................................................................... 12,250 13,122 19,452
Other....................................................................................................... 1,238 (753) 1,087
Cash flows provided by investing activities................................. 165,417 101,679 53,504
Cash flows from financing activities
Borrowings under revolving credit facilities.......................................... 50,000 40,000 —
Repayments under revolving credit facilities......................................... (50,000) (40,000) —
Proceeds from issuance of long-term debt............................................. — — 1,725,000
Repayment of long-term debt (including tender premiums).................. (216,037) (225,681) (1,777,946)
Redemption of Series A Preferred Stock................................................ — — (190,000)
Payment of debt issuance costs.............................................................. — (12,295) (57,602)
Dividends paid (including Series A redemption premiums).................. — — (26,117)
Purchase of DineEquity common stock ................................................. — (21,170) —
Principal payments on capital lease and financing obligations.............. (10,849) (13,391) (16,118)
Repurchase of restricted stock................................................................ (1,740) (5,080) (1,884)
Proceeds from stock options exercised .................................................. 9,254 6,725 7,968
Excess tax benefit from stock options exercised.................................... 5,669 5,443 4,775
Change in restricted cash........................................................................ (747) 466 119,133
Cash flows used in financing activities ........................................ (214,450) (264,983) (212,791)
Net change in cash and cash equivalents ............................................... 3,846 (41,618) 19,995
Cash and cash equivalents at beginning of year..................................... 60,691 102,309 82,314
Cash and cash equivalents at end of year............................................... $ 64,537 $ 60,691 $ 102,309
Supplemental disclosures
Interest paid............................................................................................ $ 123,926 $ 148,982 $ 141,139
Income taxes paid................................................................................... $ 91,354 $ 24,139 $ 33,389
See the accompanying notes to the consolidated financial statements.